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Quantitative and Qualitative Research in Business & Technology Review of Integrative Business and Economics Research, Vol. 7, Supplementary Issue 1 91 Quantitative and Qualitative Research in Business & Technology: Justifying a Suitable Research Methodology Nikolaos Basias* Department of Economic Science, University of Piraeus Yannis Pollalis Department of Economic Science, University of Piraeus ABSTRACT The right choice of a suitable research methodology is a crucial decision to perform effective scientific research and is mainly based on linking research objectives to the characteristics of the available research methodologies. Based on the notion that researchers in the fields of Economics, Business and Technology have to choose among multiple methods and techniques the selection of an appropriate research approach that might support cross-disciplinary research is one of the most difficult decisions for a researcher. For that reason, the aim of this paper is to provide issues related to: (a) Quantitative Research, (b) Qualitative Research and (c) Strategic Management of Digital Systems in order to investigate a suitable research methodology for identifying and analyzing key strategic management factors and phases. The publication of this paper has been partly supported by the University of Piraeus Research Center. Keywords: Quantitative Research, Qualitative Research, Strategic Management, Digital Systems. 1. INTRODUCTION Digital systems have been characterized as social systems where technology is only one aspect of them (Land, 1992). The study of Business and Technology is a multidisciplinary research object and as the literature review shows, there is a lack of a single global research approach that includes all the necessary areas of knowledge required for an efficient study (Galliers, 1992; Walsham, 1995). Strategic Management of Digital Systems is based on the understanding of various variables and key strategic factors related to: (a) business, (b) technology, (c) people, (d) enterprises, (e) economy, (f) law and (g) politics. Research in Business and Technology is characterized by methodological pluralism and the assortment of an appropriate research methodology is a crucial topic that attracts researchers’ attention (Galliers, 1992; Miles & Huberman, 1994; Yin, 2011). Therefore, in research issues that combine Economics, Business and Information and Communication Technology (ICT) aspects, researchers has to choose among a variety of research methods, approaches and techniques to develop an appropriate research framework. Copyright 2018 GMP Press and Printing (http://buscompress.com/journal-home.html) ISSN: 2304-1013 (Online); 2304-1269 (CDROM); 2414-6722 (Print) Review of Integrative Business and Economics Research, Vol. 7, Supplementary Issue 1 92 Research encompasses creative work undertaken on a systematic basis in order to increase knowledge and to use this knowledge to establish or confirm facts, solve problems, develop new theories and provide innovative solutions. There are two key categories of research design: (a) qualitative research and (b) quantitative research. Researchers choose quantitative or/and qualitative research methods according to the research aim, the objectives, the nature of the topic and the research questions, to identify, collect and analyze information to increase our understanding of an issue. The research process usually consists of research stages such as: define research questions, collect data, data processing, answer the research questions and present the findings (Goertz & Mahoney, 2012). In the following sections of this paper the quantitative approach is presented and analyzed, the qualitative approach is described and analyzed, the differences and similarities between the two research approaches are identified and described and the choice of a suitable research methodology to test a strategic management framework for Digital Systems is justified based on the purpose and the specific objectives of the research. 2. QUANTITATIVE RESEARCH Quantitative research usually involves systematic and empirical investigation of phenomena through statistics and mathematics and the processing of numerical data. The process of estimating numbers in quantitative research provides the fundamental link between empirical observation and mathematical expression of quantitative relations. In quantitative research data is typically selected and analyzed in a numerical form (Singh, 2006; Goertz & Mahoney, 2012). Statistics, used in quantitative research, are an important area of mathematics and is widely used when: (a) there is a need to analyze and process large volumes of quantitative data to verify hypotheses and to test a theory, (b) there is uncertainty related to theories under consideration, (c) research might be effectively carried out with questionnaires containing simple questions and short answers and (d) the data obtained can be quantified and compared. In quantitative research, data processing is typically performed using distinctive statistical software (Martin & Bridgmon, 2012; Singh, 2006). Certain advantages of the quantitative research approach mentioned in the literature are: (a) the result is numerical (quantitative) and therefore research might not be influenced by personal feelings or opinions in considering and representing research and facts, (b) the quantitative approach simplifies the processing of a large amount of data, (c) quantitative research approaches allow easier comparison of data and (d) quantitative research enables the development of quantitative valuation indicators (Martin & Bridgmon, 2012; Black, 1999; Balnaves & Caputi, 2001). Basic characteristics of quantitative research approaches related to specific research objectives are among others: (a) the association of research with experiments, (b) the investigation of phenomena; (c) the use of advanced tools of statistics, (d) the use of questionnaires (usually with closed questions), (e) the quantification of relations and Copyright 2018 GMP Press and Printing (http://buscompress.com/journal-home.html) ISSN: 2304-1013 (Online); 2304-1269 (CDROM); 2414-6722 (Print) Review of Integrative Business and Economics Research, Vol. 7, Supplementary Issue 1 93 features and (f) the collection, procession and presentation of quantitative data (Goertz & Mahoney, 2012; Newman, 1998; Singh, 2006). The key features of quantitative research approaches are presented in Table 1 for a better understanding. Table 1: Key Features of Quantitative Research Approaches Quantitative Brief Description Literature Research Singh, (2006); Goertz & Phenomena: A fact or situation that is Mahoney, (2012); EXAMINES observed to exist or happen, particularly when Dawson, (2002); the cause or explanation is in question. Kothari, (1985); Kumar, (2005). The quantitative research approach usually refers to the systematic investigation of Bhattacherjee, INTERPRETATION phenomena through statistical and (2012); Kumar, mathematical analysis and the processing and (2005). analysis of numerical data. It is necessary to analyze and process a large amount of quantitative data to verify Dawson, (2002); hypotheses and / or test the theory. Kothari, (1985); There is no uncertainty about the Kumar, (2005); USUALLY conceptions under consideration. Bhattacherjee, SELECTED WHEN: The research can be carried out with (2012); Singh, questionnaires that include simple questions (2006); Goertz & and short answers that can easily be Mahoney, (2012). quantified and compared. Correlation with experiments Martin & Testing of hypotheses related to Bridgmon, GENERAL phenomena. (2012); Black, CONTEXT Use of advanced statistical tools (1999); Balnaves Using questionnaires & Caputi, (2001). Balnaves & QUESTION FORM Closed Questions Caputi, (2001); Singh, (2006). Miles & Numeric data (quantified) usually obtained by Huberman, DATA FORMAT questionnaires. (1994); Goertz & Mahoney, (2012). Copyright 2018 GMP Press and Printing (http://buscompress.com/journal-home.html) ISSN: 2304-1013 (Online); 2304-1269 (CDROM); 2414-6722 (Print) Review of Integrative Business and Economics Research, Vol. 7, Supplementary Issue 1 94 Quantitative Brief Description Literature Research The result is numerical (quantitative) and is therefore often considered objectively (fact- Martin & based, measurable and observable). Bridgmon, The quantitative research approach (2012); Black, facilitates the processing and analysis of (1999); Balnaves large volumes of data. & Caputi, (2001); Quantitative data makes it easier to ADVANTAGES Goertz & highlight changes and differences. Mahoney, (2012); In quantitative research it is easier to Newman, (1998); compare numerical data. Black, (1999); The quantitative approach facilitates the Singh, (2006.) development of quantitative valuation indicators. In the next Section of this paper (Section 3) the qualitative research approach is described and analyzed. 3. QUALITATIVE RESEARCH Qualitative research is a very broad term that embraces research methodologies that deal with phenomena by analyzing experiences, behaviors and relations without the use of statistics and mathematics and the processing of numerical data (Merriam, 2009; Hennink et al., 2010). The qualitative approach usually gives answers to research questions such as: (a) what, (b) how, (c) when and (d) where and is described as a word- based research approach (Miles & Huberman, 1994). Qualitative research, among others, could be defined as a sequence of interpretive techniques that try to describe, decode and translate concepts and phenomena rather
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